Indiana Code 36-7-40-10. Disposal of assets and liabilities upon repeal of ordinance
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Terms Used In Indiana Code 36-7-40-10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Sec. 10. If the ordinance that established an economic enhancement district is repealed, the assets and liabilities of the economic enhancement district shall be disposed of in the manner determined by the city. However, liabilities incurred by the economic enhancement district are not an obligation of the city and are payable only from the special benefits assessments and other revenues of the economic enhancement district.
As added by P.L.201-2023, SEC.279.